[ExI] I Miss The King of Extropia

Mon Jul 18 00:48:28 UTC 2016

>
> > 
> The US has become so addicted to borrowing and spending, we are openly
> proclaiming we cannot balance the budget without it,

So what? As I said, except the for Clinton years the budget hasn't been
balanced since 1835 and we don't seem to have reached the point on no
return yet.

John K Clark

I don't pretend to understand it.  But I have heard before that household
debt and gov debt are two entirely different animals.  Here is a Nobel
prize winner writing on it.  If you understand it, explain it to me, please?

> http://www.nytimes.com/2015/08/21/opinion/paul-krugman-debt-is-good-for-the-economy.html?_r=0

bill w

On Sun, Jul 17, 2016 at 7:33 PM, John Clark <johnkclark at gmail.com> wrote:

> On Sun, Jul 17, 2016 at 4:13 PM, spike <spike66 at att.net> wrote:
>
>
>
>> > 
>> John, US presidents do not control T-bills.
>>
>>
> Yes they do. Unless the congress periodically passes a law to raise the
> farcical "debt ceiling" and the president signs it, that is to say unless
> they agree to pay for the stuff they *ALREADY AGREED TO BUY* the T bills
> will go into default. Let me repeat that, the largest and universally
> regarded as the safest investment on planet Earth would go belly up! And
> that almost happened, on October 16 2013    T-bills came within  45 minutes
> of defaulting. That was the day I stopped being a Republican and that is
> why I think Ted Cruz may be the only person who would be a worse president
> than Donald Trump.
>
> >
>> We recognize that not all debt is bad.
>> 
>> Runaway debt is very bad.
>>
>> Runaway?
> 
> In fiscal year 2009
> 
> the deficit was 9.8
> %
>  of GDP, in
> 
> 2015
> 
> it was
> 
> 2
> .
> 5
> %. That doesn't sound like the end of the world to me.
>
>
>> > 
>> There is no way the US can keep borrowing at the rate it is going without
>> catastrophic default, regardless of who is president.
>> 
>> It isn’t at all clear to me we haven’t already passed the point of no
>> return some time ago.
>>
>>
> The sign that government debt was getting too large would increasing
> inflation and skyrocketing interest rates, but today the inflation rate is
> the lowest in my lifetime and interest rates are the lowest in the history
> of the country. It sound to me like debt is too low not too high.  
>
>
> > 
>> The US has become so addicted to borrowing and spending, we are openly
>> proclaiming we cannot balance the budget without it,
>
>
> So what? As I said, except the for Clinton years the budget hasn't been
> balanced since 1835 and we don't seem to have reached the point on no
> return yet.
>
>
> John K Clark
>
>
>
>
>>
>
>
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>
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